Fox-Pitt Kelton Cochran Caronia Waller (formerly Fox-Pitt, Kelton or FPK) was an
investment bank
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
In finance, the purpose of investing is ...
focused on
mergers and acquisitions
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...
advisory services, private placements of debt and equity as well as
equity research
Securities research is a discipline within the financial services industry. Securities research professionals are known most generally as "analysts", "research analysts", or "securities analysts"; all the foregoing terms are synonymous. Researc ...
. FPK specialised in transactions involving financial institutions and financial services companies.
The firm, which had eight offices globally in London, New York City, New York, Chicago, Hartford, Connecticut, Hartford, San Francisco, Boston, Hong Kong and Tokyo had approximately 285 employees, including 60 research analysts and 60 employees in sales and trading.
It was acquired by Macquarie Group in November 2009.
History
The firm was founded in 1971 by Oliver Fox-Pitt and Robin Kelton, with assistance from Len Caronia. After expanding to the United States, U.S. in the 1980s, FPK launched Eldon, a financial services focused investment manager, in 1994 (Eldon was sold to Hiscox in 2003).
Swiss Reinsurance Co. acquired FPK in 1998 for . Under Swiss Re's ownership, the firm expanded further globally, entering Asia.
A consortium led by private equity firm J.C. Flowers & Co. and the bank's management led by Giles Fitzpatrick, CEO, purchased Fox-Pitt from Swiss Reinsurance Co. in February 2006. Lazard investment banker Gary Parr also invested in Fox-Pitt.
Under management and private equity ownership, the firm acquired another investment boutique, Chicago-based Cochran Caronia Waller (CCW) in 2007. CCW was founded in 1997 as Cochran Caronia & Co by George Cochran, Leonard Caronia and John Waller and was renamed Cochran Caronia Waller in 2006. Like FPK, it specialised in financial services, focusing on the property-casualty, life and health sectors. Among the notable transactions in which the firm was involved, FPK, and its co-owner J. Christopher Flowers, advised Bank of America on its acquisition of Merrill Lynch in 2008.
In 2009, Macquarie Group, Australia's largest investment bank, entered into serious discussions about a takeover of Fox-Pitt Kelton from its current ownership, and on September 30, 2009, the two firms announced a purchase agreement valuing Fox-Pitt Kelton at .
Macquarie's acquisition of Fox-Pitt Kelton was completed in November 2009.
References
Further reading
Fox-Pitt in flower The Deal, September 19, 2008
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External links
Fox-Pitt, Kelton(company website)
Former investment banks of the United States
British companies established in 1971
Financial services companies established in 1971
Banks established in 1971
Financial services companies of the United Kingdom
Companies based in London
1971 establishments in England
Investment banks in the United Kingdom
Mergers and acquisitions
Multinational companies based in the City of London
2009 mergers and acquisitions
Privately held companies of the United Kingdom